Oil rig count ticks up slightly
Friday September 16, 2016
The oil rig count gains primarily came in Oklahoma. Texas’s Permian Basin saw two rigs added, but North Texas’ Barnett Shale losing two rigs negated those gains for the state, according to weekly data collected by the Baker Hughes oilfield services firm.
The total count of 506 rigs is up from an all-time low of 404 in May, according to Baker Hughes. Of the total, 416 of them are primarily drilling for oil. But the oil rig count is down 74 percent from its peak of 1,609 in October 2014, before oil prices began plummeting.